BRIDGE Housing JV Breaks Ground on San Diego-Area Affordable Community

Completion is slated for summer 2024.

1380 Laurel Tree rendering. Image courtesy of KTGY

1380 Laurel Tree rendering. Image courtesy of KTGY

BRIDGE Housing and The City of Carlsbad have broken ground on 1380 Laurel Tree Lane, a 70-unit affordable housing community in Carlsbad, Calif. Completion is slated for summer 2024.

Wermers Cos. will serve as the general contractor and KTGY Architects will design the property to meet the City of Carlsbad’s Climate Action Plan measures and to achieve the Green Point Rated Gold certification. When complete, the community will cater to residents earning between 30 and 60 percent of the area median income.

READ ALSO: Affordable Housing’s Edge in a Difficult Financing Arena

Financing for the $36 million project was provided by several public and private sources, which include Fannie Mae, the City of Carlsbad, Wells Fargo Bank, the County of San Diego, California Debt Limit Allocation Committee, California Tax Credit Allocation Committee and Aviara LP.

The development marks BRIDGE Housing’s third property in Carlsbad. In March, the company received $10.5 million in construction takeout refinancing for an 80-unit affordable housing development in Southeast Los Angeles.

Part of a larger multifamily development

The affordable project is part of a 329-unit multifamily development, dubbed Aviara Apartments, that also includes 247 market-rate units constructed by Summerhill Apartment Communities. The 70-unit component will incorporate one-, two- and three-bedroom apartments. Amenities will include an outdoor courtyard, a community room, laundry facilities, a management office and service areas.

Located at 1380 Laurel Tree Lane, the 2.2-acre site is in an area will an abundance of retail centers, dining options and entertainment venues. The site is also near Interstate 5, which provides direct access to downtown San Diego and Los Angeles. McClellan-Palomar Airport and North Ponto Beach are 3 miles away.

You May Also Like